EUR/USD
Analysis:
The upward wave from March 20 sets the main trend direction of the European currency. The price has reached a wide area of potential large-scale reversal. Along its lower border, the price has formed a flat correction in the last 2 weeks.
Forecast:
Today, we expect the end of the downward mood of the movement, the formation of a reversal and the beginning of a price rise. When changing the course, a short-term puncture of the lower border of the support zone is not excluded. If the nearest resistance is broken, the price will rise to the next zone.
Potential reversal zones
Resistance:
- 1.1890/1.1920
- 1.1790/1.1820
Support:
- 1.1720/1.1690
Recommendations:
The downward movement is temporary, so euro sales are not recommended. The main attention is supposed to be paid to the search for signals to buy the instrument.
USD/JPY
Analysis:
Within the framework of the dominant downward wave of the instrument since June 5, the middle part (B) is nearing completion. This correction wave has the wrong kind of structure. Since August 3, a potential reversal pattern has been formed downwards, after which the short-term trend will change direction.
Forecast:
On the current day, the price is expected to move in the corridor between the nearest counter zones. An upward trend is more likely in the European session. By the end of the day, you can expect a change of direction and the beginning of decline.
Potential reversal zones
Resistance:
- 106.50/106.80
Support:
- 105.80/105.50
Recommendations:
Trading on the instrument market today is only possible with an intra-session style. After the reversal signals appear, the pair's sales will take priority.
Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of arrows shows the formed structure, and the dotted ones show the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
